GBP/USD Trend Analysis based on Elliott Wave theory.According to the chart above, GBP/USD keeps moving upward nonstop. But it rallies pausing at reversal points (strong resistance) for a few days or weeks. At present, it's again at a strong resistance line.
Will it uptrend over here? Can British Pound / U.S. Dollar start a downtrend?
As per the Elliot wave theory, GBPUSD can run for 1.34450 level to complete the fifth wave. You can take this level as a target.
We may see corrective waves (A, B, & C) ahead. Hence, be ready for the targets 1.33200 and 1.29800 .
Don't forget to keep eyes on Stoch RSI crossing to take a new entry.
